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Solar Module Capacity under ALMM Rises to 74.23 GW


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					</table><p>Greater Noida-based solar module manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a> reported a 137.22% year-over-year (YoY) increase in revenue to ₹1.88 billion (~$21.62 million) in the third quarter (Q3) of the financial year (FY) 2025 from ₹793.05 million (~$9.12 million).</p>
<p>The company’s net profit jumped 422.96% YoY to ₹235.76 million (~$2.7 million) from ₹45.08 million (~$518,587).</p>
<p>The company reported an earnings per share (EPS) of ₹9.63 (~$0.11) in Q3 FY25 compared to ₹2.51 (~$0.028) a year ago.</p>
<p><strong>9M Performance</strong></p>
<p>In the first nine (9M) months of FY 2025, the company’s net profit rose 302.2% YoY to ₹486.8 million (~$5.6 million) from ₹121.06 million (~$1.39 million).</p>
<p>Revenue rose 55.20% YoY to ₹4.54 billion (~$52.22 million) from ₹2.92 billion (~$33.59 million) in the corresponding period a year ago.</p>
<p>The company reported an EPS of ₹19.89 (~$0.228) in 9M FY 2025 compared to an EPS of ₹6.73 (~$0.077) in 9M FY 2024.</p>
<p>In February 2024, the company <a href="https://www.mercomindia.com/alpex-solar-ipo-proceeds-expand-manufacturing" target="_blank" rel="noopener">raised</a> ₹745 million (~$8.9 million) through an initial public offering.</p>
<p>The company also expanded the capacity of its solar module manufacturing plant to 1.2 GW and constructed a 1.6 GW solar cell manufacturing facility. The first phase of 500 MW solar cell plant will be operational by December 2025 with full operations expected a year later.</p>
<p>The company also plans an additional 1.2 GW solar module manufacturing plant, which will be operational by December 2025.</p>
<p>It will also set up an aluminum frame manufacturing plant with production likely to commence by December 2025.</p>
<p>The company was allotted 20 acres of leased land by the Madhya Pradesh government in the manufacturing zone for power and renewable energy equipment. The company is still developing a strategy to utilize the land.</p>
<p>The company <a href="https://www.mercomindia.com/module-manufacturer-alpex-2h-fy-2024" target="_blank" rel="noopener">recorded</a> a total revenue of ₹2 billion (~$24.05 million) in the second half of FY 2025, a YoY decline of 6% from ₹2.13 billion (~$25.61 million).</p>


Alpex Solar Posts 423% YoY Profit Increase in Q3, Expands Module Capacity  


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					</table><p><a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a> and <a href="https://www.tpsolarltd.com/" target="_blank" rel="noopener">TP Solar, </a>a subsidiary of <a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">Tata Power Renewable Energy</a>, have won the Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction for supplying 400 MW of domestically manufactured solar modules.</p>
<p>Alpex was awarded 97.5 MW, and TP Solar won 292.5 MW at a bid value of ₹21.61 (~$0.25)/Wp. The total per MW bid value for both the bidders was ₹21.61 million (~$249,468).</p>
<p>SECI awarded 390 MW out of the total capacity of the tendered 400 MW capacity.</p>
<p>SECI had <a href="https://www.mercomindia.com/seci-supply-400-mw-india-made-solar-modules" target="_blank" rel="noopener">floated</a> the tender on November 14, 2024.<img loading="lazy" decoding="async" class="aligncenter wp-image-76002 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/SECI-auction-final.png" alt="SECI auction " width="722" height="254" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/SECI-auction-final.png 722w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/SECI-auction-final-300x106.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/SECI-auction-final-650x229.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/SECI-auction-final-624x220.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/SECI-auction-final-600x211.png 600w" sizes="(max-width: 722px) 100vw, 722px" /></p>
<p>The selected bidders will manufacture, test, pack, forward, supply, and transport domestic content requirement-compliant solar modules to a project site in Ramagiri, Andhra Pradesh.</p>
<p>SECI retains the right to adjust the quoted module capacity by ± 10% when placing the order, maintaining the same price, terms, and contract conditions.</p>
<p>The tender specified that the selected bidders must provide mono and bifacial crystalline technology modules, .</p>
<p>It also specified that SECI may issue a repeat order for an additional quantity not exceeding 100% of the initially awarded module capacity. The arrangement for supplying the additional quantity on a repeat order basis, up to 100%, will be determined by mutual agreement. Any repeated order will be awarded within six months from the original awarded capacity.</p>
<p>The suppliers will provide 0.5% of the awarded package capacity as mandatory spares in addition to the awarded package.</p>
<p>The modules, including the mandatory spares under the award, will be supplied in staggered deliveries during the 9-month delivery window.</p>
<p>Last April, Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics were <a href="https://www.mercomindia.com/swelect-grew-renew-win-secis-auction-supply-400-mw-solar-modules" target="_blank" rel="noopener">declared</a> winners in SECI’s auction to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules.</p>
<p>The Ministry of New and Renewable Energy recently <a href="https://www.mercomindia.com/mnre-adds-3-gw-of-solar-module-capacity-to-almm" target="_blank" rel="noopener">updated</a> the Approved List of Models and Manufacturers for solar photovoltaic modules, adding 3,015 MW of new capacity. The cumulative module manufacturing capacity stands at 67,401 MW.</p>
<p>Subscribe to Mercom’s India <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Alpex Solar, TP Solar Win SECI’s Auction to Supply 400 MW Modules


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					</table><p>Greater Noida-based solar module manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a> has announced it is investing ₹6.42 billion (~$73.4 million) to set up a 1.6 GW solar cell manufacturing facility.</p>
<p>The company&#8217;s entry into solar cell production complements its existing solar PV module and aluminum frame manufacturing operations.</p>
<p>The new solar cell plant will be constructed at the company&#8217;s recently acquired seven-acre land in Kosi Kotwan, Mathura, Uttar Pradesh.</p>
<p>The expansion will be completed in three phases, with the first 500 MW expected to come on stream by October 2025. The remaining two phases will be completed by April 2026 and September 2026, respectively.</p>
<p>The move into solar cell manufacturing aligns with the company&#8217;s strategy to provide integrated solar solutions, encompassing solar PV modules, aluminum frames, EPC services, and IPP expertise.</p>
<p>Alongside the solar cell manufacturing venture, Alpex Solar is also doubling its solar PV module capacity to 2.4 GW. This expansion includes:</p>
<ul>
<li>Ongoing expansion to reach 1.2 GW capacity by Q3 FY2025</li>
<li>Addition of 1.2 GW capacity at the new Kosi Kotwan facility</li>
</ul>
<p>The capital for these expansions will be sourced through a combination of bank facilities, internal accruals, and equity infusion.</p>
<p>Alpex Solar manufactures solar modules using monocrystalline and polycrystalline technologies and offers comprehensive solar energy solutions.</p>
<p>Alpex Solar’s ₹745 million (~$8.95 million) maiden initial public offering of 6.48 million equity shares was <a href="https://www.mercomindia.com/alpex-solar-ipo-proceeds-expand-manufacturing/" target="_blank" rel="noopener">subscribed</a> 303 times, with significant interest received from qualified institutional buyers (QIB), high-net-worth individuals (HNI), and retail investors.</p>
<p>The company <a href="https://www.mercomindia.com/module-manufacturer-alpex-2h-fy-2024" target="_blank" rel="noopener">earned</a> a total revenue of ₹2 billion (~$24.05 million) in the second half of the financial year 2024, a 6% year-over-year decline compared to ₹$2.13 billion (~$25.61 million). It recorded a net profit of ₹$189.44 million (~$2.28 million) during the period, a 149% increase compared to ₹$76.16 million (~$915,824) in the corresponding period of the previous year.</p>


Alpex Solar to Invest ₹6 Billion in 1.6 GW Solar Cell Manufacturing Facility


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					</table><p><a href="https://www.mercomindia.com/seci-invites-bids-1-2-gw-grid-solar" target="_blank" rel="noopener"><strong>Solar Energy Corporation of India has invited bids to set up 1.2 GW of interstate transmission system-connected</strong></a> solar photovoltaic projects across India under Tranche XVI on a build, own, operate basis. The last date to submit bids is July 12, 2024. Bids will be opened on July 18, 2024. Bidders can quote for a minimum capacity of 50 MW and a maximum of 600 MW per project.</p>
<p><a href="https://www.mercomindia.com/bugs-glitches-national-portal" target="_blank" rel="noopener"><strong>Summer is the peak season for Surendra Chaudhary, a rooftop solar installer in Jaipur, Rajasthan, known for temperatures that routinely cross 40° C</strong></a>, leading to cooling needs that push up electricity bills. But business has been faltering as the National Portal, which serves as a platform to commission residential solar systems, is marred by bugs and glitches.</p>
<p><strong><a href="https://www.mercomindia.com/module-manufacturer-alpex-2h-fy-2024" target="_blank" rel="noopener">Greater Noida-based solar module manufacturer Alpex Solar has recorded a total revenue of ₹2 billion (~$24.05 million)</a> </strong>in the second half of the financial year 2024, a year-over-year decline of 6% compared to ₹2.13 billion (~$25.61 million). The company recorded a net profit of ₹189.44 million (~$2.28 million) in 2H FY 2024, a 149% YoY increase compared to ₹76.16 million (~$915,824).</p>
<p><strong><a href="https://sr.indianrailways.gov.in/" target="_blank" rel="noopener">The Southern Railway has invited bids to set up grid-connected rooftop solar power projects of a cumulative capacity of 1.55 MW</a></strong> at various service buildings and railway colonies in the Chennai division. The successful bidder will oversee the design, supply, erection, testing, and commissioning of the projects. The value of the project is ₹99.6 million (~$1.19 million).</p>
<p><strong><a href="https://www.mercomindia.com/inox-wind-raises-9-billion-reduce-debt" target="_blank" rel="noopener">Inox Wind Energy, the promoter of Inox Wind, has raised around ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind</a></strong> via block deals on the stock exchanges. The funds raised are proposed to be infused into Inox Wind to reduce its debt and augment the company’s working capital needs to strengthen its balance sheet further.</p>
<p><a href="https://www.mercomindia.com/jakson-green-sustainability-boost-from-hsbc" target="_blank" rel="noopener"><strong>Jackson Green, the renewable energy arm of the Jakson Group, has obtained a sustainable trade facility of ₹600 million</strong></a> (~$7.1 million) from <a href="https://www.hsbc.co.in/">HSBC India</a>. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.</p>
<p><strong><a href="https://www.mercomindia.com/borosil-swings-to-loss-higher-expenses" target="_blank" rel="noopener">Solar glass manufacturer Borosil Renewables slipped into a net loss of ₹133.7 million (~$16.5 million) in the fourth quarter of the financial year 2024</a></strong> from a profit of ₹116.9 million (~$14.4 million) last year, hurt by higher costs of materials, power, and fuel, finance costs, and depreciation expenses.</p>
<p><strong><a href="https://www.mercomindia.com/amara-rajas-q4-revenue-climbs" target="_blank" rel="noopener">Battery manufacturer Amara Raja Energy &amp; Mobility reported a 15% year-over-year increase in revenue to ₹27.96 billion</a></strong> (~$338 million) for the fourth quarter of 2023, while profit before tax rose 55% to ₹3.05 billion (~$37 million). The company said the robust performance was driven by momentum across both the lead acid battery business and the new energy business, where consolidated growth stood at 13%.</p>


Daily News Wrap-Up: SECI Invites Bids to Set up 1.2 GW Solar Projects


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					</table><p>Greater Noida-based solar module manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a> has recorded a total revenue of ₹2 billion (~$24.05 million) in the second half (2H) of the financial year (FY) 2024, a year-over-year (YoY) decline of 6% compared to ₹2.13 billion (~$25.61 million).</p>
<p>The company recorded a net profit of ₹189.44 million (~$2.28 million) in 2H FY 2024, a 149% YoY increase compared to ₹76.16 million (~$915,824).</p>
<p>Commenting on the financial results, Ashwani Sehgal, Managing Director of Alpex Solar, said, &#8220;We are elated to have registered a robust financial performance. We believe the Indian solar era has just begun, and being among the leading players in photovoltaic cells and solar pumps, we are experiencing a definitive push from both the public and private sectors to embrace greener and more sustainable energy sources across the board.&#8221;</p>
<p>&#8220;We have also entered a new level of growth with our successful public issue and continue to focus on creating value for our stakeholders through a powerful blend of sectoral expertise, world-class technology, a reputed brand, and a long-standing trusted clientele. For Alpex, we continue to shine through our results too,&#8221; Sehgal added.</p>
<p><strong>Full Year 2024</strong></p>
<p>Alpex Solar recorded an annual revenue of ₹4.13 billion (~$49.66 million) in FY 2024, a YoY increase of 111% compared to ₹1.96 billion (~$23.56 million).</p>
<p>The company recorded a net profit of ₹ 265.6 million (~$3.19 million) for the year, a 610% YoY increase compared to ₹37.38 million (~$449,494).</p>
<p>Alpex Solar manufactures solar photovoltaic modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, Mono PERC, and half-cut modules. It also offers solar energy solutions, including engineering, procurement, and AC/DC solar pump construction.</p>
<p>The company&#8217;s modules <a href="https://www.mercomindia.com/mnre-adds-projects-almm-including-open-access" target="_blank" rel="noopener">find</a> a place in the Ministry of New and Renewable Energy&#8217;s Approved List of Models and Manufacturers.</p>
<p>The company has a manufacturing facility spread over 7,700 square meters in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure.</p>
<p>Alpex Solar&#8217;s ₹745 million (~$8.95 million) maiden initial public offering (IPO) of 6.48 million equity shares was <a href="https://www.mercomindia.com/alpex-solar-ipo-proceeds-expand-manufacturing/" target="_blank" rel="noopener">subscribed</a> 303 times with significant interest received from qualified institutional buyers (QIB), high net worth individuals (HNI), and retail investors.</p>
<p>The QIB portion of the issue was subscribed 133 times, the HNI quota was subscribed 471 times, and the retail investors&#8217; quota was subscribed 329 times, bringing the overall subscription to 303 times.</p>


Solar Module Manufacturer Alpex’s Profit Up 149% in 2H FY 2024


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					</table><p>Solar module and pump manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a> has received two work orders from the Haryana Renewable Energy Development Agency (<a href="https://hareda.gov.in/" target="_blank" rel="noopener">HAREDA</a>) to supply, install, and commission 1,434 solar water pumping systems under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Yojana (PM-KUSUM).</p>
<p>The first work order comprises 845 solar water pumping systems valued at ₹264.9 million (~$3.19 million), falling under Component B of the program. Alpex Solar&#8217;s responsibilities encompass the comprehensive process from design to manufacture, supply, installation, testing, and commissioning of the solar water pumping systems.</p>
<p>Alpex Solar has also received a second work order for the supply, installation, and commissioning of 589 solar water pumping systems, worth ₹172.1 million (~$2.07 million) under Component B.</p>
<p>The work is expected to be commissioned by the first quarter of 2025.</p>
<p>Component B focuses on installing two million standalone solar water pumps, which will be used to irrigate farmland. The initiative aims to cover various categories of beneficiaries, including individual farmers, water user associations, cow shelters, farmer producers&#8217; organizations, primary agriculture credit societies, and community-based irrigation systems. However, priority will be given to small and marginal farmers.</p>
<p>Minister of Power R.K. Singh <a href="https://www.mercomindia.com/over-200000-farmers-pm-kusum-power-minister/" target="_blank" rel="noopener">told</a> Parliament that the PM-KUSUM program has benefited over 200,000 farmers as of February 2023. A solar capacity of 89.45 MW has been installed under Component-A of the program. Approximately 209,000 pumps have been reported as installed or solarized under Components B and C.</p>
<p>Haryana had the third highest number of beneficiaries among states, with 44,325 farmers enrolled in the program.</p>
<p>Last July, HAREDA <a href="https://www.mercomindia.com/haryana-subsidies-solar-pumps-kusum/" target="_blank" rel="noopener">announced</a> subsidies of up to 75% for solar pumps ranging from 3 HP to 10 HP capacities under the KUSUM program for the year 2023-24. For solar pumps with a capacity between 3 HP and 7.5 HP, the farmer&#8217;s share of the cost will be 25%, while the Ministry of New and Renewable Energy will provide a subsidy of 30% of the total cost, with the state government extending a subsidy of 45% of the cost.</p>
<p>For solar pumps with a capacity of 10 HP, the user share remains at 25% of the cost. However, the MNRE subsidy is limited to 30% of the cost applicable for pumps up to 7.5 HP. The state government subsidy will cover the remaining portion of the user share and MNRE subsidy.</p>
<p>Subscribe to Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Alpex Solar Bags Solar Pumps Orders Worth ₹437 Million in Haryana


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					</table><p>Greater Noida-based solar module manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a>’s ₹745 million (~$8.9 million) maiden initial public offering (IPO) of 6.48 million equity shares was subscribed 303 times with significant interest received from qualified institutional buyers (QIB), high net worth individuals (HNI) and retail investors.</p>
<p>The QIB portion of the issue was subscribed 133 times, the HNI quota was subscribed 471 times, and the retail investors&#8217; quota was subscribed 329 times, bringing the overall subscription to 303 times.</p>
<p>The price band of the issue was set at ₹109-₹115 (~$1.31- $1.39) per equity share with a face value of ₹10 (~$0.12).</p>
<p><a href="https://www.ccvindia.com/" target="_blank" rel="noopener">Corporate Capital Ventures</a> is the Book Running Lead Manager, and <a href="https://www.skylinerta.com/" target="_blank" rel="noopener">Skyline Financial Services</a> is the Registrar to the Issue. The shares will be listed on NSE (National Stock Exchange) Emerge.</p>
<p>Alpex Solar intends to utilize ₹195.5 million (~$2.34 million of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW.</p>
<p>It plans to use ₹129.4 million (~$1.55 million) to set up a new manufacturing unit for its solar modules aluminum frames for its solar module, ₹204.9 million (~$2.4 million) to meet its working capital requirements, and the remaining capital to be used for general corporate expenses.</p>
<p>Alpex Solar manufactures solar photovoltaic modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, Mono PERC, and half-cut modules. It also offers solar energy solutions, including engineering, procurement, and construction of AC/DC solar pumps.</p>
<p>The company’s modules <a href="https://www.mercomindia.com/mnre-adds-projects-almm-including-open-access" target="_blank" rel="noopener">find</a> a place in the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.</p>
<p>The company has a manufacturing facility spread over 7,700 square meters in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure.</p>
<p>Last December, Waaree Energies <a href="https://www.mercomindia.com/waaree-raise-%e2%82%b930-billion-ipo" target="_blank" rel="noopener">filed</a> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO to part finance a 6 GW ingot, cell, wafer, and module manufacturing facility.</p>


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